Mobile menu

Preferrential creditors in UK
Thread poster: kterelak
kterelak  Identity Verified
Poland
Local time: 14:31
English to Polish
+ ...
Oct 20, 2008

Hi,

One of the UK agency I worked for has gone bankrupt. They want me to fill in a debt form for them stating if my debt is preferential. I did a few jobs for them as a freelance translator.

Has anybody have any experience with that and will know if my wages are preferential debt in the UK? Also, they ask about the amount claimed as preferential.

Any help would be appreciated.

Katarzyna


Direct link Reply with quote
 

Jack Doughty  Identity Verified
United Kingdom
Local time: 13:31
Member (2000)
Russian to English
+ ...
You might get something if you're lucky. Oct 20, 2008

The Government takes its cut (taxes etc.) first, & this often leaves nothing for anyone else. However, this appears to offer you some small hope:

In what order are debts paid?

Generally, the assets are sold and the sale proceeds paid in this order:

1. Any creditor holding a fixed charge over the asset, e.g. a mortgage
2. The expenses of the liquidation/bankruptcy
3. Preferential debts, principally wages owed in the 4 months before the insolvency order, up to a maximum of £800
4. Any creditor holding a floating charge over an asset, e.g. a debenture
5. All unsecured creditors
6. In company cases, the shareholders
http://www.insolvency.gov.uk/freedomofinformation/technical/DEBTS.HTM


Direct link Reply with quote
 


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

Preferrential creditors in UK

Advanced search


Translation news





LSP.expert
You’re a freelance translator? LSP.expert helps you manage your daily translation jobs. It’s easy, fast and secure.

How about you start tracking translation jobs and sending invoices in minutes? You can also manage your clients and generate reports about your business activities. So you always keep a clear view on your planning, AND you get a free 30 day trial period!

More info »
WordFinder
The words you want Anywhere, Anytime

WordFinder is the market's fastest and easiest way of finding the right word, term, translation or synonym in one or more dictionaries. In our assortment you can choose among more than 120 dictionaries in 15 languages from leading publishers.

More info »



All of ProZ.com
  • All of ProZ.com
  • Term search
  • Jobs